Developer says he’s selling a lot of ultra-luxury condos
At One Dalton, prices range from $1.5m to $40m
RICHARD FRIEDMAN, the developer of the ultra-luxury One Dalton tower in the Back Bay, said at a ceremonial topping-off ceremony on Tuesday that his company has already sold a lot of the building’s condos.
Friedman did not provide any details and no sales have been recorded yet with the Suffolk County Registry of Deeds, but he said “we’re going great.” If sales are indeed strong, it would appear the ultra-luxury condo market in Boston is far from saturated.
One Dalton, which is expected to open next spring, will feature a Four Seasons Hotel with 215 rooms on the lower 22 floors and condos on floors 26 through 55. Penthouse flats will occupy floors 55 through 59 and penthouse duplexes will occupy floors 60 and 61. Brokers are listing the condos at prices ranging from $1.5 million to $15 million and the penthouses for $6.5 million to $40 million. Friedman indicated more than a year ago that a penthouse had sold for $40 million.
“One Dalton will be one of Boston’s most amazing living spaces,” Boston Mayor Marty Walsh told union workers and other officials who gathered for the ceremony. “It shows Boston is ready to grow and meet the needs of its residents and the people who visit our city.”
Walsh also stressed that the new tower will not just benefit the city’s super-wealthy residents. He said the tower is providing jobs for union workers, tax revenues for the city, and affordable housing for a municipality in desperate need of it.
“Oftentimes, people will talk about luxury buildings, saying that we’re not building for the poor,” Walsh said. “But what this building actually does is create opportunities and revenue for middle class and low-income housing in the city of Boston.”
According to officials at the Boston Planning and Development Agency, Friedman and his development team as part of the city’s 2013 approval of the tower were required to build off-site affordable housing under the city’s inclusionary development policy. An agency spokeswoman said the company has already created 21 units of affordable housing in Roxbury and is in the process of adding seven more units elsewhere in the community.
The 61-story tower, the third-highest building in Boston, is also expected to generate $9 million annually in real estate taxes for the city and a total of $6 million annually in hotel occupancy and meals taxes for the city and the state.
Rep. Byron Rushing, who attended the ceremony, said he wants to make sure the ultra-luxury towers going up across the city benefit all of Boston. “I don’t have any problem with having major investments in downtown Boston, but I want to make sure the other neighborhoods benefit,” he said. “Poor people should be able to live downtown.”One Dalton is being built by Suffolk Construction, which previously built the ultra-luxury Millennium Tower in Downtown Crossing and is building the new $2.5 billion Wynn Resorts casino in Everett, which is scheduled to open next June. (John Fish, the president and CEO of Suffolk, said casino construction is currently a month ahead of schedule.)
Fish said One Dalton and many of the other buildings going up around the city are changing the brand of Boston. “In the last five or six years, the city has been put on the map globally,” he said. “People are looking to the United States, and looking to Boston as a good place to locate or start or relocate their businesses.”